Luxembourg-based ArcelorMittal, the world’s largest steelmaker, has announced its financial results for the third quarter and first nine months of the current year.
In the third quarter this year, the company posted a net profit of $4.62 billion, as compared to a net loss in the third quarter last year of $261 million and a net profit of $4 billion in the second quarter this year. The company’s sales revenues in the given period increased by 52.5 percent year on year to $20.23 billion. The company registered an EBITDA of $6.05 billion in the third quarter, compared to an EBITDA of $901 million in the corresponding period of the previous year and an EBITDA of $5.05 billion in the second quarter.
In the first nine months this year, ArcelorMittal posted a net profit of $10.91 billion, as compared to a net loss in the first nine months last year of $1.94 billion. The company’s sales revenues in the given period increased by 42.6 percent year on year to $55.76 billion. The company registered an EBITDA of $14.35 billion in the first nine months, compared to an EBITDA of $2.57 billion in the corresponding period of the previous year.
ArcelorMittal’s crude steel production decreased by 0.1 percent to 52.6 million mt in the first nine months, while its iron ore production decreased by 12.1 percent to 37.5 million mt, both year on year. The company’s total steel shipments in the given period amounted to 47.2 million mt, down by 8.8 percent year on year.
The European segment’s crude steel production increased by 13.1 percent year on year to 28.17 million mt in the January-September period this year.
“Our third quarter results were supported by the continuing strong price environment, resulting in the highest net income and lowest net debt since 2008. The outlook remains positive: underlying demand is expected to continue to improve; and, although marginally off the recent record highs, steel prices remain at elevated levels, something which will be reflected in the annual contracts for 2022,” Aditya Mittal, ArcelorMittal CEO, said.